That’s right… You can now walk into your nearest Bank of Montreal branch and request help with bereavement services. If a client’s relative or loved one passes away, he/she can now let BMO Trust Company handle everything from planning the funeral, to asking Canada Post to redirect mail, and even to settling outstanding debts.

The Bank of Montreal has been training its branch staff all across the country in the area of bereavement services this past spring, and the operation is now underway. The Royal Bank of Canada is also in the process of introducing a similar service to executors of an estate.

I find the extent to which the chartered banks are beginning compete for Canadians, and their wealth, very impressive. With Canada’s aging population, the banks have now shifted a lot of their focus on Wealth Management.

“The growth rate for this industry is probably twice what the GDP growth rate is,” said Gilles Ouellette, chief executive officer of BMO’s private client group and deputy chairman of BMO Nesbitt Burns.

“Because it’s attractive, it’s attracting more and more competition. The banks are competing in this, the independents, the life insurance companies, everybody’s in this space because of its growth prospects. I mean, it’s the most attractive part of the finance industry.”

We have seen a huge evolution in Canadian banks from the 90′s – since the allowance of banks to participate and compete in other areas of the financial services industry. The fight between the chartered banks for customer loyalty has been very aggressive, and ultimately benefited both the Canadian consumer/business banker, and of course the chartered banks themselves.

The banks have also been desperately grasping at any market available for target. “Wealth Management” has traditionally been viewed as “mutual funds” – we now see what it has evolved to, and more importantly what it will evolve to tomorrow…

“Bet your mother’s banker never asked her whether her kids might fight over her estate, or when her daughter is getting married, or how her divorce is coming along. Depending on their level of wealth, Canadians might be surprised to find out some of the things some banks are willing to do for them these days – for a fee, of course – from guiding boomers on how to get proper health care for their elderly parents, to helping them decide which child to leave the family business to, to connecting them with a good dog-walker.” –Tera Perkins, Globe and Mail